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aeon <br />home changes everything <br />Memorandum <br />To: City of Ramsey <br />From: Leslie Roering, Aeon <br />Date: May 4, 2020 <br />Re: Aeon — Greenway Terrace Phase 2 <br />Aeon is a mission -driven, nonprofit provider of quality apartment homes for low- and <br />moderate -income individuals and families. Aeon was founded in 1986 to replace 350 <br />apartment homes that were demolished to build the Minneapolis Convention Center. <br />Our first development, Buri Manor, provided 38 homes for low -wage workers. Driven <br />by our belief that everyone deserves a home, Aeon's portfolio has grown to 58 <br />properties that nearly 12,000 residents call home each year. <br />Aeon's mission is to create and sustain quality affordable homes that strengthen lives <br />and communities. Aeon prides itself on acting boldly to create and preserve affordable <br />homes. We encourage residents to take 'pride of ownership' in their home and connect <br />with their community. <br />The impact of COVID-19 has been immediate and severe for low-income households <br />within our community. Many of these households have service or hourly jobs that are <br />impacted by the closing of businesses. Moreover, many low-income households fall <br />within the high -risk category for contracting the virus, further impacting their ability to <br />work and pay rent. Aeon's mission to create and sustain quality affordable housing <br />grows more and more important as households are experiencing financial hardship. <br />Project Background: <br />In 2016, Aeon and the City of Ramsey entered into a purchase agreement for the parcel <br />of city owned land located at Center Street (formally Town Centre Drive) and 146th <br />Avenue NW. Due to financing restrictions, Aeon proposed the development of two <br />buildings in two phases. At the time, City Council directed staff to subdivide the <br />property into two phases — a portion of the land dedicated to phase one and the <br />remaining land dedicated to phase two. The original agreement included an option for 5 <br />years to purchase the additional land for phase two when the project was ready. <br />901 No 3rd Street, #150, Minneapolis, MN 55401 612-341-3148 Main www.aeon.org <br />